What is Planning & Budgeting?

Make intelligent business decisions through proactive budgeting & forecasting.

Planning & Budgeting is an crucial element of financial success for any type of business. You need strong budgets in your business to provide a mechanism for cost control, predicting & forecast upcoming revenues and costs in your business. In order to ensure that you are fully prepared to handle any unenforceable business and/or operating expenses, you would need a financial expert who understands your business, industry, and your cash flows so your financial budget for your business will have margins to cover such challenges.

A budget is a business’s financial plan to manage monthly, quarterly and annual income and expenses. Through a comprehensive budget, an organization will achieve the following:

  • A benchmark for evaluating performance against financial objectives, goals, and targets
  • Efficient & effective communication to express financial goals and objectives of the organization to management, and staff.
  • Adequate Allocation of financial resources between various operating groups
  • Use of financial resources as authorized in the budgets

What is Forecasting?

Forecasting is a process that allows a business to use historical data (revenue, and expenses from prior years for example) to make financial projections for the upcoming time period (upcoming year or next 1-3 years for example). A business will achieve the following through adequate forecasting:

  • Relevant Information to make wise & informed business decisions
  • Identify unexpected issues, and measures to take corrective actions. E.g: An expected loss in a division.
  • Identify potential opportunities
  • Efficient & effective communication to express expected results financial results. For Example, expected Net Income, or expected Revenues & Expenses in a particular division

At Profit & Loss Management, we help clients prepare financial goals, strategic plans, and budgets as benchmarks to evaluate business performance against expectations.

We can work with you in terms of budgeting for your personal and business needs. This can include retirement planning, investment advice, costs reduction, sales forecast, and business growth etc. Our team provides high-quality budgeting & financial forecasting services in Toronto at competitive rates. If you are looking for budgeting services in the Greater Toronto Area then let our team of professional accountants can help you improve your financial planning, budgeting and forecasting for your business.

At Profit & Loss Management, we help our clients with all types of business needs whether it is accounting, payroll, taxes, consulting, and/or forecasting in order to help them stay focused on growing their businesses.

If you are looking to have one firm take care of accounting and tax needs then you have arrived at the right spot! We offer a special service which we call Outsourced Accountant through which we can take care of all the accounting, payroll, hst, consulting, personal tax, and corporate tax needs for you and your business! Curious if that is suitable for you? Click on the following link to find out more:

What is Outsourced Accountant?

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Toronto

Mississauga

Oakville

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